Urakkamaailma and Omakotiliitto study renovation plans for single-family houses: nearly 70 per cent of the respondents plan to renovate in 2024
Alma Media Corporation Press release 7 February 2024
URAKKAMAAILMA AND OMAKOTILIITTO STUDY RENOVATION PLANS FOR SINGLE-FAMILY HOUSES: NEARLY 70 PER CENT OF THE RESPONDENTS PLAN TO RENOVATE IN 2024
Last year, many single-family homeowners had to postpone the renovation of their home due to their own financial situation or the high prices of the renovation. This year, on the other hand, seems to be going to be a busy renovation year, according to Alma Media's survey of Urakkamaailma and Omakotiliitto (The detached houses' association in Finland).
A total of 952 members of the Omakotiliitto responded to the survey prepared by Alma Media in cooperation with Urakkamaailma and Omakotiliitto. The survey shows that 37% of respondents had to postpone the implementation of some renovation in 2023. Of these, 40% postponed the renovation due to their own financial situation and 22% due to the high cost of the renovation. 10% of respondents postponed the renovation due to general economic uncertainty.
However, as many as 66% of respondents plan to renovate something in 2024. The most common planned renovations are related to exterior painting (21%), bathroom (19%), yard (18%) and interior painting (18%). Energy efficiency renovations are also planned by many respondents: 12% plan to renovate their property in 2024.
"Clearly last year's sudden rise in interest rates and high inflation caused renovations to move into the future. It would seem that the increased renovation debt will be discharged over the next few years,” comments Kalle Koivuniemi, founder and Business Manager of Urakkamaailma, the largest renovation market place in Finland.
37% of respondents estimated they would spend between €1000 and €999 on renovations in 2024, and 24% estimated renovation costs between €5000 and €9999. 24% of those planning a renovation in 2024 estimate that they will spend more than €10,000 on the renovation. 76% of respondents plan to fund the renovation entirely with their own savings.
34% of respondents did not intend to renovate or could not say yet. 56% of these said that there was nothing to renovate and 21% said that their financial situation could not be refurbished.
"The increase in energy prices and property taxation will raise the housing costs of many to too high levels, and there may no longer be enough money for renovation or payment of a renovation loan. Timely repair of real estate will keep the household building stock in order. That is why it is important to pay attention to reducing the cost of housing in political decision-making," says Marju Silander, Executive Director Omakotiliitto (The detached houses' association in Finland).
The renovator is selected based on recommendations
In the selection of the renovation company, the contractor's previous references and reviews, as well as the guarantee offered by the contractor, became the most important factors in the selection. The third most important factor was the price and the fourth most important was the financial situation of the contractor.
32% of those planning to renovate in 2024 plan to use their own credit contractor for the refurbishment. 34% of respondents plan to search the internet for an author for the renovation, and 28% plan to use a tendering service. 47% of respondents also trust the recommendations of acquaintances and plan to use the recommendations to help find a contractor.
"It's great to see that the most important factors in choosing a renovation company are the references of the contractor and the reviews of previous customers. The price was only the third most important point, and the cheapest price is by no means a guarantee of the cheapest renovation. The answers show that the use of tendering services has increased, which is also reflected in the number of users in Urakkamaailma”, comments Koivuniemi.
Alma Media is committed to providing diverse housing services and collaborates with operators in the industry on a long-term basis, utilising the possibilities of digitalisation, data and technology to ensure the best user experience. Alma's housing services include, for example, Etuovi.com, the largest housing search service in Finland, Nettimokki, Finland's leading cottage rental service, and the OviPro system for professionals in the housing trade. Alma's media such as Kauppalehti and Iltalehti follow topics related to home and housing and housing market development.
Further information
Kalle Koivuniemi, Urakkamaailma, Business Manager tel. 044 7345 605
Marju Silander
Executive Director of Omakotiliitto (The detached houses' association in Finland)
045 7200 626
Urakkamaailma and Alma Media in brief
Urakkamaailma, part of the Alma Media Group, is Finland's leading marketplace for renovations with nearly 10,000 contractors and is Finland's most used service for finding a renovation company. The contract world is free to use for renovation subscribers.
Alma Media is an international, strongly renewing company focusing on digital media, services and marketplace business. In Finland, our business includes leading housing and automotive marketplaces, financial and professional media, national consumer media, and content and data services for companies and professionals. Alma's international business in Eastern Central Europe, Sweden and the Baltics consists of recruitment services and a marketplace for business premises. Alma Media employs approximately 1,700 professionals and operates in 12 European countries. Read more: www.almamedia.fi.
Omakotiliitto (The detached houses' association in Finland) in brief
The Homeowners’s association represents residents of detached houses and leisure time, acts as a lobbyist for the target group and offers diverse member services in Finland. We are a national, politically independent and non-profit NGO with more than 230 member associations, which already have 70,000 members (households). There are approximately 1.2 million detached houses in Finland with a population of approximately 2.7 million people. In addition, there are approximately 0.5 million holiday homes in Finland, which are used by between 2.4 and 2.9 million people.